Nutrien Reports Fourth Quarter and Full-Year 2024 Results
Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2024 results, with net earnings of $118 million ($0.23 diluted net earnings per share). Fourth quarter 2024 adjusted EBITDA1 was $1.1 billion and adjusted net earnings per share1 was $0.31.
“Nutrien delivered higher upstream fertilizer sales volumes, accelerated operational efficiency and cost savings initiatives and increased downstream Retail earnings in 2024, demonstrating significant progress towards our 2026 performance targets. We took a disciplined and intentional approach to our capital allocation decisions, further optimizing capital expenditures and returning $1.2 billion to shareholders through dividends and share repurchases,” commented Ken Seitz, Nutrien’s President and CEO.
“The outlook for our business in 2025 is supported by expectations for strong crop input demand and firming potash fundamentals. Nutrien has a world-class asset base, and we remain focused on strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow,” added Mr. Seitz.
Highlights2:
Generated net earnings of $700 million ($1.36 diluted net earnings per share) and adjusted EBITDA of $5.4 billion ($3.47 adjusted net earnings per share) for the full year of 2024.
Retail adjusted EBITDA increased to $1.7 billion in 2024 supported by higher product margins and lower expenses, as we continue to simplify our business and accelerate downstream network optimization initiatives.
Potash adjusted EBITDA decreased to $1.8 billion in 2024 as lower net selling prices more than offset increased sales volumes. We mined 35 percent of our potash ore tonnes using automation in 2024, providing efficiency, flexibility and safety benefits, while supporting our highest annual production levels on record and a reduction in controllable cash cost of product manufactured per tonne.
Nitrogen adjusted EBITDA of $1.9 billion in 2024 was relatively flat as lower net selling prices offset higher sales volumes and lower natural gas costs. Total ammonia production increased in 2024, driven by less maintenance downtime and improved natural gas utilization and reliability at our operations in Trinidad.
Divested non-core assets and equity investments totaling approximately $60 million in 2024, providing incremental cash flow to allocate to high conviction priorities that are core to our long-term strategy.
Repurchased 3.9 million shares for a total of $190 million in the second half of 2024 and an additional 1.9 million shares in 2025 for $96 million as of February 18, 2025. Nutrien’s Board of Directors approved the purchase of up to 5 percent of Nutrien’s outstanding common shares over a twelve-month period through the renewal of our normal course issuer bid (“NCIB”), which is subject to acceptance by the Toronto Stock Exchange.
Nutrien’s Board of Directors approved an increase in the quarterly dividend to $0.545 per share. Nutrien continues to target a stable and growing dividend, having now increased the dividend per share by 36 percent since the beginning of 2018.
- This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
- Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2024 to the results for the twelve months ended December 31, 2023, unless otherwise noted.
More information can be found here
Google Play and the Google Play logo are trademarks of Google LLC.
